Colchester Home Buyers Remember - Stamp Duty Holiday!
Posted on 10th July 2020 at 09:33
There will be no Stamp Duty Land Tax payable until 30 June 2021, no stamp duty will be charged on a residential property bought for up to £500,000. This covers the majority of houses and flats in the UK. Until 30 September 2021, no stamp duty will be charged on a residential property bought for up to £250,000.
Stamp Duty Holiday - Main Home (only property)
Until 30th June 2021 there will be nil stamp duty payable on the first £500,000 of transactions in England and Northern Ireland. This means that more nearly 9 out 10 existing home owners in England will pay no duty until next year.
In his recent budget the Chancellor extended the SDLT holiday which will then taper off for first time buyers, but last until September 30th 2021 for property up to £250,000.
Here are some examples of how much people will save in stamp duty.
Next time buyer for a personal home will save:
Price Saving
£200,000 £1,500
£350,000 £7,500
£500,000 £15,000
Stamp Duty Holiday - Investment Property and Second Homes
Investment Property and second homes will also be affected, There will be a holiday on the basic duty, although the 3% additional duty will remain up to £500,000. This is extremely good news for investors, as the duty on a £500,000 property would usually be £30,000, so the new relief is an important boost to anyone looking to purchase for this purpose.
Price Original Duty Holiday saving 3% Duty until March 2021
£200,000 £7,500 £1500 £6,000
£350,000 £18,000 £7.500 £10,500
£500,000 £30,000 £15,000 £15,000
It is not yet clear whether the SDLT holiday will impact on property of higher values.
Go HERE for the government SDLT calculator tool.
Share this post:
